CapitaMall Trust may sell Sembawang Shopping Centre: Nomura

Sembawang was a drag on occupancy in 4QFY11.

According to Nomura:

The sale of Hougang Plaza at 3.5x its end-FY11 valuation (and a 37% premium to our valuation) in May underscored investor demand for commercial properties (although we believe the premium paid for Hougang Plaza also took into account redevelopment potential).
 

We believe there are other assets that the manager may consider divesting as well, if an attractive offer comes along. Sembawang Shopping Centre, which was a drag on occupancy in 4QFY11, could be a candidate, in ourview, especially with over 50% of leases due for renewal in FY12.   

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